How hard is it to make $100k-$200k in forex?

[ptony1948]

Hello all.
I've investigated forex briefly. I like the idea of a market available nearly 7 days a week. Also understand the big job it would be to learn and trade forex.
What I'm interested in are the following.

How hard is it to make $100k--$200k a year?

What time is involved say per week(in your opinion) to achieve this?

An idea of what you as a forex trader have achieved, how long it took and what problems you encountered.

My purpose with this questioning is this. I'm happy to put in the work and time if I see a decent chance of success.

Look forward to your stories.

Ptony1948.

 

[cutz]

Re: How hard is it to make $100k-$200k in forex

Hi Tony,

Have you had any experience trading ?

Don't do forex but IMO a 7day 24hr market sounds like a traders worst nightmare.

 

[prawn_86]

Re: How hard is it to make $100k-$200k in forex

To make $100k with a $1m base should be fairly 'easy', to make it with a base less than $100k would be virtually impossible.

Think of it this way - Surgeons with about 5 or so years experience get paid 200k, so that takes them 13 years to get there. Would you practice for a year then try and demand $200k from a hospital?

 

[Naked shorts]

How hard is it to make $100k--$200k a year?

Just as hard as it is to make $100 per year..... consistently.

 

[surfingman]

Forex is a beast the biggest of all markets, its one of the harder markets to learn in my opinion.

I had a good go during the downturn, had some strong risk rules so didn't lose much.

Setup a practice account and do some trades, then come back and tell us How hard it is to make 100 - 200K.

 

[Wysiwyg]

Easy to become addicted to. The experienced players take the mo from the inexperienced players.

"You gotta know when to hold 'em, know when to fold 'em, know when to walk away, know when to run" etc. etc.

 

[ThingyMajiggy]

150k is nearly $2900 profit every week of the year. That, in any profession is going to take years of study/practice/experience to reach.

Personally, I try not to look at it from the "ooo how much can I make" perspective, but from the "how consistent can I get my trades" perspective. Concentrate on the trading, not on the money.

If you think anything is "worth" putting time and effort into, you will have a fair chance of "success". Its totally up to you, there are a million variables in this kind of situation.

Good luck.

 

[>Apocalypto<]

Re: How hard is it to make $100k-$200k in forex

Don't do forex but IMO a 7day 24hr market sounds like a traders worst nightmare.

It's not a 7 day market, More like 5.5 day. There's nothing wrong with FX if you approach it with common sense and proper risk management and a decent trading plan.

you can go broke trading any market on margin.........

 

[>Apocalypto<]

How hard is it to make $100k--$200k a year?

as hard as you make it.

concentrate on the process not the desired reward.

 

[ptony1948]

Appreciated your feedback.

Ptony1948

 

[Profit Scenario]

How hard is it to make $100k--$200k a year?

In my opinion chasing the market and numbers will lead to be greedy or dissatisfied (or both).

Instead, you should think and calculate in percentage; that's more realistic approach. I guess you agree that it's not the same making $100k with a $1M initial capital (10%) or making $100k with a $10k capital (1000%).

Anyway, how hard is it? Lot's of hardwork, planning, testing, trading with confidence, discipline and consistency.
Its not hard - if you love it.

And I fully agree with that: try to focus on the process and you will get your result as a 'by-product' of your job.

 

[Alpha_Bet]

Hello all.
I've investigated forex briefly. I like the idea of a market available nearly 7 days a week. Also understand the big job it would be to learn and trade forex.
What I'm interested in are the following.

How hard is it to make $100k--$200k a year?

What time is involved say per week(in your opinion) to achieve this?

An idea of what you as a forex trader have achieved, how long it took and what problems you encountered.

My purpose with this questioning is this. I'm happy to put in the work and time if I see a decent chance of success.

Look forward to your stories.

Ptony1948.

Ptony, your post displays knowledge of someone with early comprehension of market behaviour. Forgive if not true.

Your questions designate your journey.

Am I being difficult/hard to understand?
Welcome

 

[cutz]

Ptony, your post displays knowledge of someone with early comprehension of market behaviour. Forgive if not true.

Your questions designate your journey.

Am I being difficult/hard to understand?
Welcome

What do you mean ?

If you don't mind me asking.

 

[Alpha_Bet]

What do you mean ?

If you don't mind me asking.

Basically, questions asked suggest quick rich mentality. Apologies to the OP.

 

[Akuma99]

Hello all.
I've investigated forex briefly. I like the idea of a market available nearly 7 days a week. Also understand the big job it would be to learn and trade forex.
What I'm interested in are the following.

How hard is it to make $100k--$200k a year?

What time is involved say per week(in your opinion) to achieve this?

An idea of what you as a forex trader have achieved, how long it took and what problems you encountered.

My purpose with this questioning is this. I'm happy to put in the work and time if I see a decent chance of success.

Look forward to your stories.

Ptony1948.

Hi mate, I get the sincerity of your question, there are those that want to know how to make the most money in the quickest time possible, I don't believe that is the aim of what you are asking.

I am a FX trader of 8 years, full time FX trader for the last couple, and while I don't quite earn the numbers you suggest, I earn more than enough to keep me out of the long hours, long travelling rut that most people in their fancy city jobs have to do, that downright nearly killed me (cancer at 30). I earn what I need to earn, and I started with a low base due to illness, another year and those numbers are right in the ball park doing exactly the same as what I am doing now, if I want to.

A better question really would have been what types of percentage can you earn from FX, I for example look to average around 5% per month, with no compounding, this would require a base of around 330K. With compounding (as I do, hence the claim above), well things are much better than that. Work out what percentages are possible over time, what base you have, and you have your potential income.

In terms of time, it can become all consuming, especially, if this is your first foray into trading, until you have blown your first account up. If it is your first time, I sincerely hope you do not, but I suspect, like most of us, you will, the markets little way of telling us who is boss. If it is not your first time, well I am sure you have been there and got the T-shirt.

Like mentioned above, FX is not really a 7 day a week market, it is theoretically 5.5 days, but it is not even really that as Asia hours can be very quiet if you are looking at any type of shorter term trading. Assuming you are in Australia, keep this in mind as the best times to trade if you are day-trading or swing trading will most likely be around dinner time on the east coast and late at night/very early morning.

I wish you the best of luck, if you are going technical, FX is one of the best markets to trade, but find a balance between FX's crazy hours, and your health, your trading balance will thank you for it.

 

[chubacca]

I would say it would take years of education and practice until you could trade profitably in forex and after that you could start working towards the 200k. But in either case it would be very difficult unless you got lucky .

 

[Mr J]

I like the idea of a market available nearly 7 days a week.

5 days, unless you somehow have access to the weekend market. Market "opens" on Monday morning, and "closes" on Saturday morning.

How hard is it to make $100k--$200k a year?

That will very greatly on many, many factors. Everyone will have a difference answer, but most will resemble "difficult".

What time is involved say per week(in your opinion) to achieve this?

Another question that can't really be answered. There are too many variables, and those who do make 100k+ may take a couple of hours, or may spend their entire days in front of a few screens.

My purpose with this questioning is this. I'm happy to put in the work and time if I see a decent chance of success.

Without knowing anything about you, I can't expect you to do any better than the average beginniner, which is to lose. Most beginners lose, and few seem to be profitable quickly. You may or may not have a decent chance of success.

Can I ask you a few questions?

How would you beat the casino game of roulette? What would it take to get you to bet on a coinflip? How much would you bet? Do you think markets are random, not random, or that it varies on the timeframe? Are you looking to take a technical or fundamental approach?

The experienced players take the mo from the inexperienced players.

I'd say they take money from less predatory players. I imagine little of the money is directly coming from inexperienced traders. I'd think forex has more dead money than say the stock market.

to make it with a base less than $100k would be virtually impossible.

Why do you think that? What evidence have you seen to suggest that returns >100% are not possible?

 

[mazzatelli]

Hey J,
Don't you only paper trade? lol just joking :
Is it going to become one of those threads...

 

[Mr J]

No, I'm keeping those kind of thoughts to myself .

 

[prawn_86]

Why do you think that? What evidence have you seen to suggest that returns >100% are not possible?

You answered your own question. Most beginners lose. I have no doubt that >100% pa is possible from some people (and have seen proof backing this up from people), but the vast majority of beginners will not be able to do it.